Marathon Digital posts $634 million Q3 profit on Bitcoin holdings

Q3 profit — Public Bitcoin miner Marathon Digital Holdings reported a net profit of $634.4 million for the third quarter, driven primarily by gains on its Bitcoin holdings, and has sold a significant portion of its BTC to pay down debt.

The company sold 13,597 Bitcoin during the quarter, generating proceeds of approximately $750 million. Marathon stated that the primary purpose of the sale was to repay loans and reduce its debt load.

This financial move coincides with a strategic pivot for the company. Marathon announced it is expanding its focus beyond Bitcoin mining to include artificial intelligence (AI) computing services.

The substantial quarterly profit marks a significant turnaround from the same period last year, when the company reported a net loss, highlighting the impact of Bitcoin’s price appreciation on miner balance sheets.